If you’re ready to take a break this summer then planning as far ahead as you can is always best. It will help you budget right so you won’t need any loans. Not taking the time to plan will typically end up costing more than it ever needed to.
- Get started with your budget early.
- Using credit cards with the right type of rewards
- Get a side hustle to pay for the vacation
- Spend less in general
- In fact – focus on all of your expenses and budgeting.
- Hunt for hidden money
- Spend smart on your vacation
Get started with your budget early
Find out exactly when you want to go and the total cost. For example if you want to go on a vacation that will cost you around $3,000 and it’s in 12 months, save the $250 needed per month. Keep saving after you’re back from that holiday, and effectively, you will have funds for your next holiday after that.
Kelly Johnson, who runs “Snap Travel Magic,” recommends having the money work for you into a savings account with a good rate. That’s liquid.
Johnson also adds, “Consider putting a specific amount of your paycheck into the account every month.”
While it can be hard to put anything away in the savings account, it will help to build the discipline needed to have a travel budget.
Using credit cards with the right type of rewards
Andrea Woroch, who contributes to U.S. News and is a shopping consultant, said, “There are so many reward programs out there when you sign up for credit cards, from cash back to bonus miles. These can help cover a significant portion of your next vacation.”
“Look at the Visa Card from Disney. It gives you up to $300 after spending a certain amount within their specified time frame.” She adds.
There are also generic options recommended that simply give cash back overall.
Get a side hustle to pay for the vacation
CEO of EnrichHER.com, Roshawnna Novellus, developed a plan to enable her a trip to Thailand for over a month.
“This all happened because I budgeted how much to live out there and to handle my costs back home. I could rent out my place during the same period, which helped cover some of those costs.” Novellus said.
That’s not always possible, but other possibilities exist, such as selling unwanted items or simply looking for work on the side.
Spend less in general
This is all about spending on essential items. Fight the need to shop impulsively, and start putting money away for your next vacation.
In fact – focus on all of your expenses and budgeting.
Look at how you spend your money in general and look at areas where you don’t waste your funds. Make sure to pay everything on time so no interest or late fees come up. Always compare possibilities when shopping; before you know it, you’ll have more funds in the bank.
Hunt for hidden money
Ana Salazar, who is at U.S Bank as the main person for their “Goals Coach” initiative, states that you may have forgotten money lying around.
“Money has a way of hiding outside your normally used accounts.” Salazar adds and recommends looking here to find those funds.
- Unclaimed Property – You should head to unclaimed.org,” says Salazar. See if any money in your name is from bank accounts or even insurance balances left alone.
- Loose money around the car or house – Simply go through your home and look for loose change. It will add up.
- Forgotten gift cards – They’re probably hiding somewhere ‘stored’ in your home. See what is left and use or sell them to fund your vacation.
- Points on your reward program – This will pile up quickly if you use your credit card smart – make sure you use them before they potentially expire.
- Items that need to be returned – says Salazar. Maybe you didn’t get around to it, but then you have a couple of hundred dollars back from those clothes that never fit.
- Online payment sites – Salazar says, “Look at places such as Venmo or even PayPal. Money tends to simply just sit there.
Spend smart on your vacation
Look for how you buy those vacations and consider options such as cashback when booking your trip.
Woroch adds, “Whenever you’re booking a part of your vacation, use something like CouponCabin.com that can help with your cashback strategy.”
“Warehouse memberships like Costco come with vacation packages with discounts.” Woroch continues. This can include the hotels and travels to the car rentals themselves.
Final tips to consider
Make sure not to overspend, which is typical for any vacation planned:
- Plan in advance
- Travel Agents can help
- Credit Card travel rewards programs.
- Know the best time to go (it’s rarely Summer)
Plan in advance
Sahara Rose De Vore, who is a travel coach, says that the more time you have, the better your budget looks.
“You will find opportunities for travelling on a small budget. It’s not about a minimalistic vacation but about one that matters the most about what you want to do. Also, how you get from place to place matters, such as taking lower-cost travel options to get to destinations.
Travel Agents can help
In fact, there are many times that travel agents will have a better overall trip booked at a better price point due to their experience and extensive network.
Credit cards focused on travel rewards
It’s important to bring this up again. These are meant to be utilized during travel, maximizing the reward returns. Higher-end credit cards have exclusive access to certain events and a concierge service to help with your journey.
Know the best time to go (it’s rarely summer!)
Everyone wants to go on holiday during the summer, which raises the overall cost of the vacation. Start travelling in the so-called off-season, as everything will be cheaper. You’ll have fewer people to deal with and more options as well. Do plan ahead, though, because there could be some events or activities that are only available during the prime season, so make a note of that.